journal entry
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Multiple choice:

Transcribed Image Text:Shower Flower Company bought equipment, paying cash, P2,500. The accou
C.
will not balance.
total debits in the trial balance will be larger than the total credits
d. Cash account balance will be overstated.
7.
10.
a.
The credi
b.
The debi
would record the following journal entry:
C.
Peso sig
a.
Cash
d.
P2,500
Equipment
b. Equipment
11. Lohan Com
Cash
P2,500
P2,500
Cash
Equipme
c.. Equipment
P2,500
Account
P2,500
Accounts Payable
d. Equipment Expense
T. Loha
P2,500
T. Loha
P2,500
Incom
Cash
P2,500
Rent
8.
Salar
E. Elijah, owner, withdrew P3,000 for personal use. The accountant would ra
the following journal entry:
Wha
a.
Cash
P3,000
a.
E. Elijah, Capital
Income from Services
b.
b.
P3,000
c.
P3,000
Cash
P3,000
C.
E. Elijah, Drawing
P3,000
Cash
12. N
d. Wages Expense
P3,000
P3,000
Cash
P3,000
9. Dungeon Company paid the monthly rent, P6,000. The accountant would ra
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education